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PLEASE ANSWER IN SAME FORMAT AS HW thank you :D Required Information [The following information applies to the questions displayed below.] In 2021, the Westgate
PLEASE ANSWER IN SAME FORMAT AS HW thank you :D
Required Information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10.000.000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,581, eee 6,319, eee 2, e92, eee 1,845, eee 2022 $2,347,880 2,772,880 2,838,eee 2,980, eee 2023 $3,649,280 5,072,eee 5,255, eee Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.) 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.) 2021 2022 Balance Sheet (Partial) Current assets: 0 0 Current liabilities: Accounts payable Accounts receivable Accumulated depreciation Advertising expense Cash Common stock Construction in progress Cost of goods sold Costs and profit in excess of billings Deferred revenue Depreciation expense Income tax expense Interest expense Interest revenue Inventory Land Notes payable Notes receivable Retained earningsStep by Step Solution
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